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> For any other conceivable use case, a database and a contract between parties are a superior solution. Except when banks are transferring money across border
by shepardrtc 8y ago
> For any other conceivable use case, a database and a contract between parties are a superior solution.
Except when banks are transferring money across borders. In order to have trust, they currently need what's called nostro and vostro accounts. Meaning, Bank A parks money in Bank B, and Bank B parks money in Bank A. So that if a transfer is fraudulent, there will be money to cover it.
How is that better than blockchain?
- twic 8y agoIt's better because you just described the entire mechanism in forty-four words.